It is early for the global dollar (USDG), a stablecoin which made its debut in November, but a thousand companies could join the group which helps popularize the token in exchange on the one hand of the yield won on reserve assets, according to Crypto Exchange Kraken, one of the foundation partners.
The USDG, whose other donors include the Robinhood trading platform (HOOD), the Stablecoin Paxos transmitter, the cryptographic investor Galaxy Digital and the Cryptographic Bank Anchorage Digital, recently welcomed 19 new carpenters, including many native Crypto companies. Banks and large traditional financing companies are also queuing, said the Kraken consumption business manager Mark Greenberg.
“There are more than 25 partners now, and I hope that in another month, we will announce the next 25, then the next 25. So from 25 to 50 to 1,000,” said Greenberg in an interview. “I am very excited by some of the partners who arrive in traditional finance and crypto – big names on both sides. We are talking about a lot of banks and I think some will soon be online.”
The landscape across the Stablecoin dollar was dominated by two major players: the USDT of Tether, by far the largest to a market capitalization of more than $ 150 billion, and USDC of Circle which controls a distribution of just over 60 billion dollars. The USDG has only $ 276 million, making it the 24th largest stablecoin in a Coingecko ranking.
Paxos, the specialist in Stablecoin in New York, underlies USDG, initially offered a competitor to the USDC and the USDT in the form of a link with the giant binance of exchange, but the partnership was interrupted for regulatory reasons.
Greenberg stressed that the USDG is a “real consortium” and Paxos is a distribution partner, but with specific administrative tasks.
“We build a decentralized community around Stablecoin, with a return that goes back to everyone,” said Greenberg. “Some of us are founding partners, and if we were a real estate company, Paxos would be real estate management. They ensure that the licenses are in place and that treasury bills are treated properly and that the shot is made.
The growth in consortium growth is the offer of yield, which encourages companies to join and reinvent stablecoins within the framework of the wider financial system, said Greenberg. This is also how the USDG plans to challenge the domination of the attachment and the circle.
“I believe in decentralization on centralization. I believe that it is necessary to restore value to users, and the USDG does in a way that you cannot with Circle or Tether today,” said Greenberg. “The exploitation and the circle earn a lot of money. In banking services, you give your deposits and they do things with it, but you get almost nothing back. But the stablecoins should not be like that. ”
Kraken makes a lot of money in the world and naturally the company uses USDG, eating its own dog food, in the language of commercial innovation.
“We use world dollars and USDG all over the world,” said Greenberg. “You send a thread and it can take four or five days and get stuck in a random bank along the way. It already changes very quickly. And you see players like Visa and Mastercard and others come to the table and the Stablecoins are starting to play this role in a much larger way.”
Kraken customers also take advantage of winning up to 4.1% in US dollars in all countries around the world by putting their money in USDG, Greenberg added.
“If you are in the United States, it may not be so exciting, because there are other ways to do it. But if you are in Argentina, or if you are in Canada, where there are no accounts in US dollars and you win 4.1% is unknown, it’s a very cool opportunity to get there.”
